Yes. My claim is that the situation is exacerbated by the fact that you pay taxes on the nominal return; in other words, you need to "pay" inflation out of afte

Yes. My claim is that the situation is exacerbated by the fact that you pay taxes on the nominal return; in other words, you need to "pay" inflation out of after-tax return. Thus, your real after-tax return is minuscule; and you should, in my view, calculate only with 2% or max 3% sustainable withdrawal rate to be prudent.